The excess in world markets would expand by 1.1 million barrels a day in January and February to 2.3 million and 3.7 million a day, respectively, if 66 million barrels are injected over the two-month period, according to a document obtained by Bloomberg.
READ: Biden to Release U.S. Oil Reserves in Challenge to OPEC+
President Joe Biden orchestrated the multi-national stockpile release announced on Tuesday to calm raging gasoline prices after OPEC+ — led by Saudi Arabia and Russia — ignored calls to revive production more quickly.
The 23-nation OPEC+ coalition is due to meet on Dec. 1 and 2 to decide whether to add 400,000 barrels a day in January as it continues to revive supplies halted during the pandemic.
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